In the first half of 2010, the company achieved operating income of 0 yuan; operating profit - 22.1938 million yuan, the same period last year was -8257,700 yuan; net profit attributable to the parent company was -21.2481 million yuan, compared with -6.6418 million yuan for the same period last year; and basic earnings per share of -0.1 yuan. Performance analysis. Since the “Oriental Hawaii” project has entered the final stage, some of the pre-sold seven-phase villas have not yet been put into use, and at the same time, the beneficiation plant of Qidong Shenlong Mining Co., Ltd. was not put into operation during the reporting period, so the company had no main business revenue during the reporting period. In the future, the real estate business will mainly contribute profits in the form of investment income. Currently, the company has two main real estate projects. Among them, the “Oriental Hawaii” project (holding 97.35% of shares) is nearing completion, and the “Oasis Kangcheng-Friendly Bay” project (holding 39.93% of shares) has entered rolling development, and it is expected that it will provide the company with relatively rich investment returns in the future. In addition to this, there are no other land reserves. In the future, the real estate business's contribution to the company's operating income will continue to decrease, mainly relying on the investment income contributed by the oasis Kangcheng. As of the end of the reporting period, the balance of pre-sale housing payments for the “Oasis Kangcheng-Qishui Bay” project was 1,076 billion yuan. With the successive handover and settlement of the project, the company's investment income will increase dramatically in the second half of the year, and performance is expected to increase dramatically. The iron ore business is about to start contributing revenue. In 2009, the company won 48% of the shares of Qidong Shenlong Mining Co., Ltd., making it a wholly-owned subsidiary of the company. Shenlong Mining owned by Qidong Shenlong Mining Co., Ltd. has total resource reserves of 109 million tons, a grade of 30.51%, a design production scale of 3 million tons/year, and is expected to be mined for 25 years. The first phase of the beneficiation project (annual processing of 1 million tons of iron ore) was put into operation on July 19, 2010. On January 8, 2010, the Dengzhanwo Iron Mine in Anfu County, Jiangxi Province was auctioned for 1.46 billion yuan. The reserves of the iron ore were 365.37 million tons, and the average grade was 27.26%. If various other factors such as mining conditions were not taken into account, based on a simple calculation of iron content, according to the auction price of Dengzhanwo iron ore, Shenlong Mining would be worth 4,079 billion yuan, equivalent to 18.7 yuan per share. Earnings forecasts and investment ratings. The company is expected to achieve earnings of 0.91 yuan and 1.15 yuan per share in 2010 and 2011, respectively. Based on the closing price of 14.01 yuan on August 23, the corresponding dynamic price-earnings ratios are 15 times and 12 times, respectively, maintaining the “increased holdings” investment rating. Risk warning. The risk that iron ore prices will fall in the future.